Uptown Law Firm Exiting Crescent for Bank of America Plaza

Cushman & Wakefield of Texas Inc. brokers sit on both sides of the deal. They say the lease has yet to be inked. Word on the street is they're staying mum about the class A lease for the 901 Main St. high rise because prior deals have cratered in the 11th hour for the law firm's relocation. But, the clock is ticking; the firm has just six months left on its 88,000-sf lease for the Crescent's 14th and 15th floors in the 100 and 200 buildings.

It's been no secret that the attorneys are bent on holding onto a class A image, but are seeking a less costly rate than the Crescent's trophy space. The 1.84-million-sf, 72-story Bank of America Plaza is quoted at $19 per sf to $22 per sf full-service whereas the Crescent's rate starts in the low $30 per sf and climbs to about $35 per sf.

Sources say C&W executive director Bill McClung and associate director Clay Vaughn are negotiating a 12-year lease for their client. C&W Daryl Mullin, also a senior director, and Lawrence Gardner, director, are working the deal for the Delray Beach, FL-based asset manager, Sunbelt Management Co. If the deal stays on track, the attorneys will take over upper bank space emptied by the Chicago-based Arthur Andersen LLP in July 2002 when it shuttered offices in Dallas and Houston in the aftermath of the Enron Corp. bankruptcy case.

From the Crescent's perspective, the move-out from 200 Crescent Court is a windfall since few large blocks ever come on line in the Fort Worth-based Crescent Real Estate Equities Co. prize. The gain from the change is two-fold: room for existing tenants to expand and rent gain for the REIT. Local brokers say Crescent vice president Tony Click already is holding deals to fill one full floor with tenants who need to expand and has deals working for the other three.